The norms were scheduled to take effect starting Friday.
"In view of the feedback received and recent developments, it has been decided that these directions will now come into effect from May 3," according to a press release issued by the RBI post-market hours.
Now, rupee-denominated currency contracts traded on the National Stock Exchange (NSE) and the BSE require underlying exposure.
Though traders are not required to provide evidence of underlying exposure for positions up to $100 million, they must confirm the existence of such exposure.
The RBI said the regulatory framework for participation in ETCDs involving the rupee is guided by the provisions of the Foreign Exchange Management Act (FEMA), 1999, and regulations framed thereunder, which mandate that currency derivative contracts involving rupee both over-the counter (OTC) and exchange-traded are permitted only for the purpose of hedging of exposure to foreign exchange rate risks.
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